Drilling results from ZEB Nickel Corp

19 September 2022

URU Metals Limited

("URU")

Drilling results from ZEB Nickel Corp

URU announces that ZEB Nickel Corp. has today announced a new gold zone discovery on its Zeb Project, located in Limpopo, South Africa (the "Project").

URU successfully completed the disposal of the Project to ZEB Nickel Corp. in August 2021 and the Project remains the primary focus of URU, through its 74.82% interest in Zeb Nickel Corp. and URU's continuing role as the technical adviser on the Project.

The ZBNI announcement is as follows:

Gold mineralization identified at Zeb Nickel Project significantly extends area of interest for potential gold resources

Highlights:

·    Historical hole drilled by Falconbridge, UIT01-5 and Zeb Nickel hole, Z026, both intersected anomalously high gold mineralization in the northern portion of the Project Area.

·    UIT01-5 intersected 2.45 g/t Au over 1 m from a depth of 93 m to 94 m down the hole, and 0.82 g/t Au over 1 m from a depth of 97 m to 98 m down the hole.

·    Hole Z026 intersected 0.68 g/t Au over 1.83 m from a depth of 221.41 m to 223.20, and 1.36 g/t Au over 1.50 m from a depth of 250.50 m to 252m.[1]

·    Hole Z029 intersected 9.05 g/t Au over 28.32 m, including 12.21 g/t Au over 10.86 m and including 11.25 g/t Au over 10.64 m.[2]

·    Hole Z027 intersected 1.67 g/t Au over 33.81 m, including 5.07 g/t Au over 4.81 m.[3]

·    This means that gold mineralization is present over large parts of the Project area, and the Project now holds significant potential for both Ni-Cu-PGE and gold mineralization, which we plan on expanding with further exploration drilling.

Vancouver, BC, September 19^th, 2022 - ZEB Nickel Corp. (ZBNI:TSX-V) (OTC:ZBNIF) ("Zeb" or the "Company") is pleased to announce that an analysis of reports detailing historical drilling on the Zebediela Project ('the Project") has revealed the presence of anomalously high gold mineralization in hole UIT01-5, as referenced in the  Project's NI 43-101 report, available on the Company's website. This hole is located about 530 m north of hole Z026, which also contained anomalously high gold mineralization. The nickel-PGE results of Z026 were reported in a news release on March 15, 2022. Drillhole UIT01-5 intersected 2.45 g/t Au over 1 m from a depth of 93 m to 94 m down the hole, and 0.82 g/t Au over 1 m from a depth of 97 m to 98 m down the hole. Drillhole Z026 intersected 0.68 g/t Au over 1.83 m from a depth of 221.41 m to 223.20, and 1.36 g/t Au over 1.50 m from a depth of 250.50 m to 252m. There is no drilling between UIT01-5 and Z026.

These two holes are located more than 2 km to the northwest of drillholes Z027 and Z029, the results of which were reported in a news release on April 12, 2022.

Gold mineralization on the Project is almost certainly related to gold mineralization which occurs on the Pietersburg Greenstone Belt, which hosts the historical Eersteling Gold Mine.

Figure 1: Map showing the target zones of gold mineralization in yellow, based on intersections from Z027 and Z029 in the south, and UIT01-5 and Z026 in the north, with the approximate location of Strike Section A - B as shown in Figure 2 below.

Figure 2: Southeast - northwest strike section along line A - B as shown in Figure 1, showing the location of the gold mineralization in relation to the nickel and nickel-copper-PGE mineralization.

The presence of gold mineralization on both the northern and southern portions of the Project area means that the gold mineralization is a lot more prevalent than initially thought; and improves the chances of the Project hosting an economic gold deposit that may be independent of the known nickel and platinum group element mineralization as documented in the Company's NI43-101, available on the Company's website.

Wayne Isaacs, Chief Executive Officer and Director of Zeb Nickel, commented "The presence of significant gold values found in drill core on the northern part of the Project area is especially significant when combined with the fantastic gold discovery in drillholes Z027 and Z029, located more than 2 km to the southeast. This means that a considerable portion of the project area is generally enriched in gold mineralization.

The spacing between the drillholes bearing gold is around 450 m in the south and over 800 m in the north, with no drilling between these intersections. As a consequence, the potential for further significant gold intersections by drilling in and around these gold bearing zones is enormous. The location of these gold bearing zones in close proximity to the nickel-copper-PGE bearing Critical Zone rocks means that drilling will coincidently test for both gold mineralization and nickel-copper-PGE mineralization once Critical Zone rocks are intersected.

The Company's technical team are currently finalising the proposed locations of the next phase of drilling, and we look forward to commencing the next phase of exploration to advance the Project and simultaneously provide more confidence in Targets 1, the historical nickel resource, Target 2, the nickel-copper-PGE bearing Critical Zone mineralization and now Target 4, the gold mineralization".

About the Company and Project

Zeb Nickel Corp is focused on exploring for and developing world-class mineral deposits, with a focus on metals that are critical in the production of rechargeable batteries, such as nickel, graphite, lithium, cobalt, manganese, copper and aluminum. The Company is currently focused on developing its flagship Zeb Nickel Project, located in Limpopo, South Africa. The Zeb Nickel Project is a developing Class 1 nickel sulfide project strategically located in the Bushveld Complex in South Africa. The Zeb Project Contains a historical NI 43-101 compliant resource over 3.9 million tons of contained sulfide nickel, ranking it number 8 in the global top ten nickel sulfide resources (Mudd, G. M., & Jowitt, S. M. (2014). A detailed assessment of global nickel resource and trends and endowments. Economic Geology, 109(7), 1813-1841).

Qualified Person and Quality Control/Quality Assurance

Richard Montjoie has supervised the preparation of the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Montjoie is not independent of the Company. Mr. Montjoie is a registered member of the South African Council for Natural Scientific Professions (SACNASP) membership number 400131/09. Mr. Montjoie holds a M.Sc. Honors in Economic Geology from the University of Witwatersrand, South Africa, and is fellow of the Geological Society of South Africa (GSSA).

The analytical work reported on herein was performed by SGS South Africa Proprietary Limited, based in Randfontein, South Africa, an internationally recognized analytical services provider. Samples are analysed for Ni using a nitric acid leach and sodium peroxide fusion, followed by an ICP-AES finish; and Au, Pt, Pd by lead fusion followed by an ICP-AES finish; and for Rh using palladium collection followed by ICP-OES finish.

A full Quality Control and Quality Assurance (QAQC) program was conducted on all assay results, and all reported assays where deemed to be acceptable. The program was designed and implemented by Dr. Matthew McCreesh. Dr. McCreesh is a registered member of the South African Council for Natural Scientific Professions (SACNASP) membership number 132928. Dr. McCreesh holds a Ph.D. in Geology from the University of Witwatersrand, South Africa, and is member of the Geological Society of South Africa (GSSA).

For further information, please visit http://www.zebnickel.com

ZBNI announcement ends

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with URU's obligations under Article 17 of MAR. 

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